#PORTS & SHIPPING – Arklow Shipping is further expanding its bulker fleet and moving into the market for larger vessels with an order for three ships in South Korea, according to Tradewinds.
The company which is headquartered in the Co. Wicklow port has booked two 35,000-dwt handysize-bulkers and a general cargoship at Daesun Shipbuilding. TradeWinds sources say Arklow is paying a premium for the ships against more competitive pricing from China.
Brokers price the Daesun bulkers at around $25.5m, which compares to similar deals in China at around $22m. As for the general cargoship, she will be delivered in the first half of 2013 and the bulkers in the second half of the year. Arklow previously signed up for a series of 14,000-dwt multipurpose (MPP) vessels at Mokpo, which later went into administration.
The orders were then passed on to Sekwang Shipbuilding only for it also to fall into financial difficulties. Daesun has had its problems too and was delisted from the Seoul Stock Exchange in April as it did not meet the bourse's financial requirements.
The latest order appears to have taken Arklow's owned fleet into the larger-handysize segment. So far it has focussed mainly on bulkers, general-cargo and MPP ships up to 14,000 dwt. It has a fleet of 55 ships including 12 newbuildings, most of which are registered in the Republic of Ireland. Arklow declines to comment on the Daesun order.